Kemble v. Wilmington & N. R.

U.S. Circuit Court for the District of Eastern Pennsylvania

Kemble v. Wilmington & N. R.

14 F. Cas. 280, 35 Leg. Int. 165, 13 Phila. 469, 1878 U.S. App. LEXIS 1897

CourtU.S. Circuit Court for the District of Eastern Pennsylvania

DecidedJanuary 15, 1878

StatusPublished

This text of 14 F. Cas. 280 (Kemble v. Wilmington & N. R.) is published on Counsel Stack Legal Research, covering U.S. Circuit Court for the District of Eastern Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kemble v. Wilmington & N. R., 14 F. Cas. 280, 35 Leg. Int. 165, 13 Phila. 469, 1878 U.S. App. LEXIS 1897 (circtedpa 1878).

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Opinion

CADWALADER, District Judge.

The act of April S, 1861, under which the corporation defendant was organized, authorized the issue of bonds to an amount not exceeding the capital, secured by mortgage, of the property and franchises. The act does not authorize the issue of such bonds otherwise than for a new, adequate, valuable consideration, increasing the available funds of the corporation. The bonds and mortgage which it is proposed to execute would not have this effect, but would be for a different intended purpose. The injunction prayed is therefore decreed.

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CADWALADER, District Judge.

The act of April S, 1861, under which the corporation defendant was organized, authorized the issue of bonds to an amount not exceeding the capital, secured by mortgage, of the property and franchises. The act does not authorize the issue of such bonds otherwise than for a new, adequate, valuable consideration, increasing the available funds of the corporation. The bonds and mortgage which it is proposed to execute would not have this effect, but would be for a different intended purpose. The injunction prayed is therefore decreed.

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Bluebook (online)

14 F. Cas. 280, 35 Leg. Int. 165, 13 Phila. 469, 1878 U.S. App. LEXIS 1897, Counsel Stack Legal Research, https://law.counselstack.com/opinion/kemble-v-wilmington-n-r-circtedpa-1878.